Zimperium – 2023 Mobile Banking Heists Report

Posted on: 08/01/2024   By:Moa Karlsvärd

Mobile Finance Apps are a Prime Target for Hackers

The mobile banking market is on a rapid ascent, projected to hit the $7 billion mark by 2032, fueled by consumer demands for seamless and personalized banking experiences. However, this surge is accompanied by a dramatic growth in financial fraud. According to LexisNexis’ 2022 True Cost of Fraud Study, in the US, mobile fraud accounted for 32% and 37% of all fraud, respectively, an increase of 5% and 12%.

Banking trojans continue to evolve and succeed due to their ability to persist, bypass security, and evade detection on mobile devices. As investment from fast-moving threat actors continues to increase, traditional security practices are unable to keep up.

Mobile is the digital channel of choice for banking and the target of choice for malicious actors employing banking trojans to compromise banking apps. Understanding the evolution, tactics, and impact of mobile banking malware is essential to building secure mobile banking apps that can defend against on-device abuse and garner customer trust.

In this report, we aim to give mobile product and security leaders the knowledge they need to develop mobile app security strategies that align with today’s sophisticated malware. It is an essential read for those at the forefront of combating threats on the mobile platform.

What’s Inside?

  • Key Research Insights
  • Top Targeted Financial Apps
  • New Fraud, Theft & Account Takeover Capabilities
  • Best Practices to Combat Malware
  • How Zimperium Can Help

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